Evaluation On The Value Of Chinese Bio-pharmaceutical Enterprises Based On The Real Option Model

With the continuous improvement of the living standard of Chinese residents,the biomedical industry has entered the stage of rapid development,which plays an increasingly important role in China's social stability and economic prosperity.How to accurately evaluate the value of biomedical enterprises has become an important research topic.However,due to the biological medicine industry has the characteristics of high investment,high risk,high income,traditional enterprise value evaluation methods can not accurately assess the real value of this kind of enterprise,under this situation,we put forward the application of real option method of biological medicine enterprise value assessment.The method can give full consideration to the investment opportunities and elastic value of the enterprise,which is more valuable than the traditional evaluation method.Paper introduces the enterprise value evaluation and the related theory of real option and the characteristic,analyzed the traditional limitations of application in the biological medicine enterprise value evaluation method,and the advantages of real option method.At the same time,this paper introduces the real option Black-Scholes option pricing model,the binary tree option pricing model,such as several major evaluation model,and parameters,characteristics and applicability of these models are analyzed in detail.Thesis analyzes the biological medicine the emphasis and difficulty in enterprise value evaluation,pointed out that the value of the biological medicine enterprise consists of current value and potential value,and into the Black-Scholes option pricing model,the application of biological medicine enterprise value evaluation framework is established.Paper selection of da an gene,biological pharmaceutical enterprise as an example,applies the research method of mentioned above to Ann genes carry out specific analysis on the enterprise value appraisal process,at the same time use the market method to evaluate the contrast.Through a series of research and analysis,this paper argues that real option evaluation method is better than the traditional evaluation method can reasonably accurately assess the value of biological pharmaceutical companies,and for our country modernization emerging enterprises using the real option value assessment method provides the reference basis.